Held that Members to be construed as per definition of Concerned Co-Operative Societies Act Co-Operative Society. Matter remanded. Followed Mavilayi Service Co-Operative Bank Ltd. v. CIT (2021) 431 ITR 1 (SC). Interest from investment in Co-Operative Societies eligible for deduction. Interest from any Bank which is not-Co-Operative Society is not eligible for deduction. (AY. 2015-16, 2016-17)
Potters Cottage Industrial Co-Operative Society Ltd. v. ITO (2021) 90 ITR 73 (SN) (Bang.)(Trib.)
S. 80P : Co-operative societies-Members to be construed as per definition of Concerned Co-Operative Societies Act-Matter remanded-Interest from investment in Co-Operative Societies eligible for deduction-Interest from any Bank which is not-Co-Operative Society is not eligible for deduction. [S. 80P(2))(a), 80P(2)(d)]